13.1-923 - Effect of certificate of authority.
§ 13.1-923. Effect of certificate of authority.
A. A certificate of authority authorizes the foreign corporation to which itis issued to transact business in the Commonwealth, subject, however, to theright of the Commonwealth to revoke the certificate as provided in this Act.
B. A foreign corporation holding a valid certificate of authority shall haveno greater rights and privileges than a domestic corporation. The certificateof authority shall not be deemed to authorize it to exercise any of itscorporate powers or purposes that a foreign corporation is forbidden by lawto exercise in the Commonwealth.
C. This Act does not authorize the Commonwealth to regulate the organizationor internal affairs of a foreign corporation authorized to transact businessin the Commonwealth.
(Code 1950, §§ 13.1-266, 13.1-271; 1956, c. 428; 1985, c. 522; 2007, c. 925.)